TORONTO–(BUSINESS WIRE)–STEER Technologies Inc. (“STEER” or the “Company”) (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, is pleased to announce that its subsidiary Food HWY Canada Inc. has been issued a licence to operate liquor delivery services by the Alcohol and Gaming Commission of Ontario (“AGCO”). STEER’s customers are now able to place liquor orders with their favorite restaurants and vendors via the STEER mobile app.
“Over the past few years, we have seen a significant part of alcohol purchasing move online, and we believe this trend is here to stay. We are determined to incorporate liquor deliveries onto our platform, and do so responsibly in accordance with our ESG mandates and province-wide regulations”Tweet this
One of the AGCO’s primary goals is to promote responsible alcohol consumption while ensuring that businesses operate in compliance with relevant laws and regulations. A Liquor Delivery Service Licence allows the licensee to deliver liquor purchased or obtained from the Liquor Control Board of Ontario (“LCBO”) or Brewers Retail Inc. (“The Beer Store”), any manufacturer’s on-site or off-site retail store or an eligible liquor licensed establishment to individuals for a fee.
STEER anticipates that the ability to deliver alcoholic beverages as a standalone service as well as along with food delivery orders will complement its On-demand STEER Foods and Delivery as a Service (“DaaS”) offerings, drive order count and have a positive impact on the Company’s revenues in the quarters to come. According to IWSR Drinks Market Analysis, alcohol ordering got digital as purchasing largely moved online over the pandemic, with a quarter of global drinkers now ordering online. Alcohol e-commerce sales are expected to reach more than USD $42 billion across key markets by 2025; a growth of +66%1.
“We are very excited to start delivering liquor orders as part of our Foods and Delivery services in order to provide an end-to-end experience to the users of the STEER app. We have seen a significant uptake in orders since the initial rollout of alcohol beverage deliveries at STEER, and expect further growth in the months to come,” said Suman Pushparajah, CEO of STEER Technologies Inc. “Over the past few years, we have seen a significant part of alcohol purchasing move online, and we believe this trend is here to stay. We are determined to incorporate liquor deliveries onto our platform, and do so responsibly in accordance with our ESG mandates and province-wide regulations”.
Currently, the Company is onboarding Smart Serve certified driver partners and finalizing partnership discussions with liquor vendors to offer a wide selection of beverages to its customers.
About the Company
STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.
Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, and the company’s forward plans to rebrand. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to success of the Company’s ability to continue increasing its market share with the new liquor license, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2022 (filed on SEDAR on May 1, 2023) and its interim MD&A for the period ended March 31, 2022, June 30, 2022, September 30,2022 (filed on SEDAR on May 30, 2022, August 29, 2022 and November 29, 2022 respectively) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
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